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- EV Power Pulse Issue #2
EV Power Pulse Issue #2
Examining the 7 Automakers supercharging US EV charging infrastructure and the Build America waiver backlash in the Senate
Steve Taylor
August 12, 2023
Happy Saturday! A lot has happened in the world of EV charging since our previous newsletter. Let’s dive in.
First, it’s worth highlighting again the incredible concentration of both public and private capital fueling the EV charging industry over the next several years. The US Government has unlocked an unprecedented amount of money to revolutionize America’s EV charging infrastructure. Here’s a breakdown from NEVI’s 2022-2023 annual report, which we discussed last week:
EV infrastructure is clearly a centerpiece of the Biden Administration’s plan for a greener future. Venture investment is also leaning into the massive opportunity. According to Pitchbook, venture funding in EV vehicles and infrastructure is at an all-time high, with GGV Capital, IDG Capital, Daimler, and GM Ventures investing heavily in the space since 2015. Research Nester projects global EV charging station revenue to grow from $15B in 2022 to $130B in 2033—much of that concentrated in the US.
The convergence of new EV charging technologies, growing consumer demand for EVs, unprecedented government spending, and growing venture funding (both deal volume and value) will revolutionize America’s EV infrastructure, labor force, and economy.
This week’s issue covers two of the biggest industry and policy stories impacting EV charging in the US. I’ll start with a group of automakers banding together to supercharge the great American road trip.
–Steve Taylor, Cofounder and CEO of ChargeCorps
Current EVents
EV Industry Updates
American roads are about to get a lot greener thanks to BMW, Mercedes, GM, Honda, Hyundai, Kia, and Stellantis. These automakers plan to install at least 30,000 chargers powered by renewable energy along highways and throughout urban areas.
Their plan is ambitious. If this group stays on schedule, the first wave of these chargers will open to the public in the summer of 2024. This may include some flagship locations with additional amenities, a significant upgrade to the current EV charging customer experience.
The network would nearly double the number of fast chargers in the US, surpassing Tesla’s current industry-leading network of Superchargers. With GM and Ford having recently announced their adoption of the Tesla charging standard, we are clearly now in a moment of massive EV charging technology consolidation and competition.
While the alliance is currently unnamed, it remains an unprecedented project among carmakers of this size in the US. Their goal is lofty, but the willingness of these industry leaders to work together is key to pushing the EV revolution forward.
–Steve
Power and Policy
In a potentially stifling move, four Republican senators (Marco Rubio, Roger Marshall, Rick Scott, and Kevin Cramer) announced their intention to reverse the Biden Administration’s waiver of the “Buy America” requirements for government-funded EV charging stations.
“It hurts American companies and empowers foreign adversaries, like China, to control our energy infrastructure," Senator Rubio said.
The “Buy America” requirements stem from the 2021 infrastructure bill, which states that projects like EV charging stations need to source at least 55% of their materials domestically and be built entirely in the U.S. The 55% rule does not take effect until June 2024.
However, that waiver was issued by the Biden Administration for a reason. Supply chain problems have been grinding projects to a halt. Wait times for crucial components can stretch up to 60-80 weeks. The Administration’s argument is that without the “Buy America” waiver for EV charging stations, our EV infrastructure would likely fall even further behind Europe and China.
Public sector investment in EV charging is massive, as Steve pointed out. Without the “Buy America” waiver, we could see all of that progress stuck in neutral under a lagging supply chain. The goal of a robust, domestic EV charging manufacturing base is the right one. But it’s not going to happen overnight.
–Rob Diamond, Cofounder of ChargeCorps
The Latest from ChargeCorps
What’s in a name?
We launched ChargeCorps with a twofold mission. First, to deliver best-in-class electric vehicle charging station maintenance and repair services; and second, but equally important, to provide employment opportunities and workforce development programs to underserved communities.
As you can see in the data and information we laid out above, this is a moment of major change in our economy. The move to electrify our transportation sector can and will provide –if we are intentional about it–enormous opportunities to all segments of society. The goal? More good-paying, highly-skilled jobs that individuals can build lives and careers around in a greener economy.
ChargeCorps is committed to bringing these opportunities to traditionally underserved communities. It’s why we created the company as a Public Benefit Corporation. It’s in our DNA and will drive every aspect of our business.
The name ChargeCorps is a nod to our background as veterans of the US military. “Corps” means a collection of individuals working towards a singular mission (think Marine Corps or Peace Corps). The military gave us tremendous opportunities to serve and grow as leaders. It defines who we are and how we approach our work with a sense of duty and commitment to the community and the country.
ChargeCorps will carry that mission forward as we build the EV charging workforce of the future.
–Steve
Fast-Charging the News
The EU passed a law to massively expand its already impressive EV charging infrastructure by 2025.
EV charging software by ev.energy raises $33M, pointing to increased interest among VCs in this space.
Ford wants to help you charge your car—while driving it. Patents showcase the automaker’s big plans for the future of EV charging.
The Department of Energy (DOE) has partnered with J.D Power to improve its understanding of the EV charging market and infrastructure needs.
The Joint Office also recently announced the members of its Electric Vehicle Working Group.
Upcoming EVents
The DOE has two upcoming workshops as part of the Good Jobs and Workforce Development team—August 29th in Milwaukee, WI and September 21st in Atlanta, GA. These workshops are part of their mission to promote high-quality careers to disadvantaged populations as our country makes its clean energy transition.
How to further connect with us
If you’d like to stay plugged into the latest EV news, you’re in the right place.
Until next time, stay charged!
- Steve and Rob
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